In recent weeks, traders have driven the value of ORDI, MEME, and other Bitcoin-based tokens up in the BRC-20 token market cap.
After ORDI-the first token of this type, was listed on significant exchanges on Monday, Bitcoin’s market cap surpassed $1 billion thanks to meme token fever.
How much does 1 ORDI currently cost in USD?
According to brc-20.io, which tracks the Bitcoin blockchain token market, the combined market capitalization of all BRC-20 tokens is $991 million. Ticket sales have increased over the past few days due to increased demand.
The experiment uses Ordinals to create fungible tokens using Bitcoin’s Inscription protocol, which mints NFT-like assets.
Two months have passed since the BRC-20 token was introduced. A pseudonymous on-chain data enthusiast named Domo pioneered these tokens on March 8 based on the standard ERC-20 token on Ethereum.
Related: Know what is BRC-20 in-depth.
BRC-20 reports that Ordi’s market cap has grown to roughly $400 million since then. A similar meme coin mania that gripped Dogecoin, Shiba Inu, and BONK has gripped the broader cryptocurrency market in the past and has affected other BRC-20 tokens, including PEPE (a different permit from Ethereum’s meme coin of the same name), MEME, PIZA, and DOMO.
Ordi was listed on Gate.io and Crypto.com on Monday as the experimental token became more mainstream. Earlier today, Ordi topped $29.58 on Gate.io but now trades at $18.50. On May 1, Ordi changed hands for $3.78, according to brc-20.io, a steep increase from its current price.
Here is ORDI’s price prediction
In the Ordinals space, where text-based inscriptions are increasingly used instead of image-related notes, the volatility of BRC-20 tokens illustrates the emerging nature of the area. Dune data shows more than 399,000 reminders were text-driven yesterday compared to 20 images.
There were more than 400,000 inscriptions daily yesterday, which is a record. As of late January, over 4.5 million notes have been issued since the Ordinary Protocol took effect.
BRC-20 tokens significantly impact Bitcoin transactions. Another Dune dashboard reported that 65% of Bitcoin transactions were associated with BRC-20 tokens on Sunday. Network congestion temporarily suspended Bitcoin withdrawals on Binance, a leading crypto exchange.
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